How do I claim the SUNY Impact Foundation credit on NY return?

[ErnieS0 · Accepted solution]

To claim the SUNY Impact Foundation credit on the NY tax return:

1. Continue in New York until you reach Take a look at New York credits and taxes
2. On Other Tax Credits Start Contributions to Certain Funds Credit
3. Say No to the bribery and fraud question
4. Skip Enter Charitable gifts trust fund information
5. Enter your donation on Credit allowed for contributions to certain funds under State University of New York Impact Foundation

The SUNY Impact Foundation credit is a one-time, time-limited opportunity to make a donation to SUNY and receive an extraordinary tax benefit through the SUNY Impact Foundation. There is a $10M cap on the SUNY-wide program.

[bflosoldier19]

Thanks so much!  I stopped at the page re 2020 contributions and just figured TT didn't have it - didn't realize I had to "continue" to get the 2021 contributions page. It is there! Thanks again. 

[deanschuckman]

Thanks for the answer to claiming the credit.  Two additional questions.  Do you know how to handle the deduction for the charitable donation since only 15% of the value of the donation is deductible for Federal income tax purposes but 100% is deductible for NYS.  I showed a modification on IT 196 Line 1A under Gifts to Charity which I presume is correct.  It results in the correct deduction.  Second, do you know if you have to send the SUNY Impact Form certificate with the NYS tax return and if so, can it be sent electronically with the return.  

[LenaH]

Regarding the donation, 100% of the qualified contribution can be a deduction and 85% of the qualified contribution as a tax credit. A donor gets the benefit of both a deduction and credit on their NYS tax filing. The itemized deduction would be on Form IT-196 and the credit is shown on Form IT-228. 

Per New York State, during the course of an audit, you may be required to provide documentation to substantiate entitlement based on the specific facts of your credit claim. However, you do not have to send in the SUNY Impact Form certificate with the NYS tax return. Please see Checklist for acceptable proof of the contributions to certain funds credit for more information on the recordkeeping requirements for this credit. 

@deanschuckman

[JELLONana]

I entered the 15% allowed itemized deduction on the Schedule A of the Federal section for the SUNY Impact Foundation donation. I understand how to receive the 85% credit on the NY taxes through Form IT-228. NY State allows for 100% of the donation to be taken as an itemized deduction. Turbo Tax transfers only the 15% amount that I entered over from the Federal Schedule A to NY forms and I cannot figure out how to make the adjustment for the additional 85% back into NY tax forms.  Someone else suggested entering it on IT196 line A1 (Gifts to Charities Adjustment Smart Worksheet) but that is for the Health Charitable Account and the Elementary and Secondary Education Account, not the SUNY Impact Foundation so that isn't correct. I have also looked at IT-line 44 (Itemized Deduction Schedule Addition Adjustments) but that requires entering the amount into H, I, J or K which also doesn't seem that SUNY Impact Foundation fits into any of these categories. Any suggestions? 

[LenaH]

To enter your SUNY Impact Foundation contribution, please follow the instructions below:

1. Open your return.
2. Click on State Taxes.
3. Click on New York.
4. On the page You Just Finished Your New York Return, scroll down to Credits and Other Taxes.
5. Click Start or Update on Credits and Other taxes.
6. Scroll down to Contributions to Certain Funds Credit. Click Start.
7. On the page Credit allowed for contributions to certain funds, enter the amount contributed in 2021 to the State University of NY Impact Foundation.
8. Follow the on-screen instructions.

This contribution flows to Form IT-228, Contributions to Certain Funds Credit, Line 6. Your credit will be on Line 14. 

@JELLONana